9. Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax State Income Tax FICA Taxes Union Dues United Fund $30,300 6,600 12,000 1,800 1,200 Federal unemployment tax (FUTA) rate is 0.6 % and state unemployment taxes (SUTA) rate is 5.4%. Instructions Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.

9. Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax State Income Tax FICA Taxes Union Dues United Fund $30,300 6,600 12,000 1,800 1,200 Federal unemployment tax (FUTA) rate is 0.6 % and state unemployment taxes (SUTA) rate is 5.4%. Instructions Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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